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§ Private Profile · Mexico City, Mexico
digital insurance broker connecting SMEs and freelancers in LATAM to suitable insurance coverage at competitive prices.
Key people at Covela.
Covela was founded in 2017 by Victor Garrido (Founder) and Antoine Nguyen Hong Duc (Founder) and Pamela Pérez Osorio (Founder).
Covela is a digital insurance brokerage based in Mexico City, Mexico, that provides a B2B platform to help small and medium enterprises and independent freelancers secure commercial insurance coverage. The enterprise software platform streamlines the traditional insurance procurement process, allowing commercial clients across the broader Latin American market to compare policies and obtain suitable coverage in under 15 minutes. Operating with a core team of six employees, the digital brokerage connects these commercial clients directly with established regional insurance providers to facilitate competitive pricing and tailored risk management solutions. The company gained early financial backing and strategic advisory support by participating in the prominent Y Combinator startup accelerator program as part of its Summer 2019 investment batch. Covela was officially founded in 2018 by entrepreneurs Victor Garrido, Antoine Nguyen Hong Duc, and Pamela Pérez Osorio.
Covela was founded in 2017 by Victor Garrido (Founder) and Antoine Nguyen Hong Duc (Founder) and Pamela Pérez Osorio (Founder).
Key people at Covela.
Covela is a digital insurance broker focused on serving small and medium-sized enterprises (SMEs) and freelancers in Latin America, particularly Mexico. It offers a platform that enables these businesses to find and purchase the right insurance coverage quickly—typically in less than 15 minutes—at competitive prices. By simplifying the traditionally complex and opaque insurance market, Covela addresses a critical gap for SMEs that often struggle to access tailored insurance solutions efficiently[1][2][5].
The company’s product is a user-friendly digital brokerage platform that streamlines the process of exploring, comparing, and securing insurance policies. Covela serves SMEs and freelancers who need reliable insurance but face challenges navigating financial markets due to complexity and lack of personalized support. This solution empowers them to optimize their financial strategies and protect their businesses, fostering growth and sustainability in the SME sector across LATAM[2][3].
Covela was founded in 2017 in Mexico City by Victor Garrido, Antoine Nguyen Hong Duc, and Pamela Pérez Osorio. The founders brought together expertise in engineering, fintech, and business innovation to tackle the problem of limited insurance access for SMEs in Latin America. The idea emerged from recognizing the inefficiencies and barriers SMEs face in obtaining appropriate insurance coverage, which is crucial for their risk management and growth[1][2][4].
Early traction included joining the prestigious Y Combinator Summer 2019 batch, which helped Covela refine its product, expand its network, and gain seed funding. This milestone validated the startup’s potential and positioned it as a pioneer in the emerging insurtech space targeting Latin American SMEs[1][5][6].
Covela rides the insurtech wave transforming how insurance products are distributed and consumed, especially in emerging markets like Latin America where digital financial services are rapidly expanding. The timing is critical as LATAM’s SME sector grows and demands more accessible, transparent financial products. Increasing internet penetration, mobile adoption, and fintech innovation create favorable market forces for Covela’s digital brokerage model[3][6].
By focusing on SMEs, Covela contributes to financial inclusion and risk management in a segment often overlooked by traditional insurers. Its platform helps democratize access to insurance, which is essential for economic resilience and growth in the region. Covela’s presence also encourages competition and innovation in LATAM’s insurance market, influencing the broader ecosystem toward digital transformation[2][3].
Looking ahead, Covela is well-positioned to scale across Latin America, leveraging its early mover advantage and digital-first approach to capture a large share of the SME insurance market. Trends such as increased SME formalization, regulatory support for fintech, and growing demand for tailored insurance solutions will shape its journey.
Future growth may involve expanding product offerings beyond insurance brokerage into other financial services, deepening AI-driven personalization, and forming strategic partnerships with insurers and fintech platforms. Covela’s influence could evolve from a niche broker to a key digital financial services hub for SMEs in LATAM, driving broader financial ecosystem development and SME empowerment.
In summary, Covela exemplifies the intersection of fintech and insurtech innovation in Latin America, addressing a critical SME need with a scalable, technology-driven solution that aligns with regional economic trends and digital transformation goals.
